Duncan said he was excited to be at the conference because he wanted both to celebrate the
"critical but unrecognized work that financial aid officers to every day throughout" and to
encourage them to take an even larger role in creating a better financial-aid system for students
across the country.

In August, President Barack Obama unveiled a set of new federal education initiatives that will
help the nation with its college affordability and student debt problem.

Obama made the announcement during the first stop on a two-day bus tour through New York and
Pennsylvania, during which visited schools to pitch three new proposals: a new ratings system for
colleges, encouraging innovation in education, and making it easier for students to repay their
federal loans.

The federal ranking system, the president said, would use metrics like the average graduation
rate and the level of debt with which students leave. It will also place an emphasis on the access
colleges provide to low- and moderate-income Pell Grant students.

Duncan told the college financial-aid professionals today "We can’t regain our global leadership
in college attainment, and enhance our economic competitiveness, when so many students are left
with steep student loan debts but no degree."

He said several schools are already leading the way and pointed out four programs, including
OSU's Scarlet and Gray student financial coaching program as good examples. Under the program, Ohio
State students can meet with other students who have been specially trained in financial literacy
on a range of topics including banking basics, budgeting, credit-card use, financing their college
education and student loans.

"At Ohio State, peer financial coaches have handled nearly 1,800 one-on-one appointments with
students in the last five years," Duncan said. "For students on regional campuses, peer coaches
will even conduct appointments with students by Skype."

He ended his speech by saying there are no silver bullet solutions to remaking the financial-aid
system. But that shouldn't be an excuse for inaction.